● 本报记者 熊彦莎 临近年底，各地财政部门积极部署2026年专项债券项目储备工作。专家认为，新能源、新基建等领域项 目建设周期较长，地方政府提前谋划明年项目，有利于做好跨年度衔接，推动明年一季度专项债发行提 速。 积极启动项目储备 在政策支持下，土地储备成为专项债券项目储备的重点方向。湖南省株洲市攸县近期公示了2026年第一 批土地储备专项债项目地块收储价格，涉及13个土储债项目，总用地面积超79万平方米，拟收储价格合 计15.03亿元。 "优质项目储备是地方政府用好用足专项债券、提高资金使用效率的核心与前提。"中诚信国际研究院研 究员汪苑晖告诉记者，一方面，充足的项目储备有助于保障资金到位后第一时间开工建设，避免资金闲 置，推动快速形成基建实物量，带动扩大有效投资；另一方面，加强与地方经济社会发展需求精准适配 的优质项目储备，也有助于优化产业结构、增强发展后劲。 中央财经大学财税学院教授白彦锋表示，新能源、新基建等领域的项目建设周期通常超过一年，在年末 关键时点着手部署2026年一季度的建设资金需求，对于确保明年良好开局有重要意义。 专项债发行或提速 近年来，根据全国人大常委会授权，经国务院同意，财政部每 ...

Core Viewpoint - Zhejiang Jiaokao is actively planning its "14th Five-Year" development strategy, focusing on five major business segments to become a leading enterprise in new infrastructure [1] Group 1: Business Development - The company aims to optimize its business structure and enhance its capabilities in transportation infrastructure, urban construction, comprehensive maintenance, transportation manufacturing, and related industries [1] - As of September 2025, Zhejiang Jiaokao secured 801 new orders totaling 66.569 billion, a year-on-year increase of 20.20%, driven by expanded market efforts both domestically and internationally [1] - Key projects include significant highway contracts, indicating a strong order acquisition trend [1] Group 2: Maintenance Business - The company has developed strong professional and scale advantages in county-level maintenance, leading to good growth in maintenance business revenue and new orders [2] - For the first three quarters of 2025, Zhejiang Jiaokao reported a revenue of 31.418 billion, a year-on-year increase of 2.50%, maintaining a steady growth trend [2] - The net cash flow from operating activities improved significantly to -0.791 billion, attributed to advance payments from new projects and enhanced project fund management [2] Group 3: Future Development Strategy - The company plans to expand its industrial chain through mergers and acquisitions, focusing on three dimensions: enhancing the industrial chain, breaking through regional market limitations, and entering new infrastructure and technology sectors [2] - The core logic for mergers and acquisitions includes expanding qualifications, regional expansion, and strengthening the supply chain [2] Group 4: Industry Outlook - In 2024, Zhejiang's total transportation investment is expected to reach 409.3 billion, a year-on-year increase of 9.6%, with significant contributions from road and waterway investments [3] - The company is well-positioned to benefit from provincial infrastructure orders and is actively pursuing maintenance business to contribute additional profits [3]

Core Viewpoint - ShenNan Circuit has shown significant stock performance with a year-to-date increase of 116.08%, despite a recent decline of 3.20% over the last five trading days [1] Financial Performance - For the period from January to September 2025, ShenNan Circuit achieved a revenue of 16.754 billion yuan, representing a year-on-year growth of 28.39% [2] - The net profit attributable to shareholders for the same period was 2.326 billion yuan, reflecting a year-on-year increase of 56.30% [2] Stock Market Activity - As of November 18, ShenNan Circuit's stock price was 205.28 yuan per share, with a market capitalization of 136.869 billion yuan [1] - The stock has been active on the trading board three times this year, with the latest occurrence on October 24, where it recorded a net purchase of 380 million yuan [1] Shareholder Information - As of September 30, 2025, the number of shareholders for ShenNan Circuit was 39,500, a decrease of 25.79% from the previous period [2] - The top circulating shareholder, Hong Kong Central Clearing Limited, increased its holdings to 21.7066 million shares, while several new institutional investors entered the top ten list [3] Dividend Distribution - Since its A-share listing, ShenNan Circuit has distributed a total of 3.441 billion yuan in dividends, with 1.744 billion yuan distributed over the last three years [3] Industry Context - ShenNan Circuit operates within the electronic components sector, specifically in printed circuit boards (PCB), and is associated with major concepts such as the Foxconn concept and the Apple supply chain [2]

过去几年，科技股无疑是投资市场的耀眼明星，人工智能、半导体这些赛道吸引着资金疯狂涌入。 但风向正在悄然转变！ 进入2025年，一个传统板块——有色金属，正以惊人的涨势挑战科技股的"顶流"地位。 截至2025年9月，申万有色金属行业指数年内累计涨幅高达52.84%，在31个申万一级行业中位居涨幅榜第一，超越了长期称雄的通信行业。 9月伊始，市场已经明显看到机构调仓的变化，从高位的科技股转向了有色金属、化工等相对低位板块。 这种转变并非空穴来风，而是基于能源转型带来的长期刚性需求、供给端持续收紧、通胀预期下的资产保值属性以及估值优势凸显这四大硬逻辑的支撑。 有色金属，这个曾经的"老周期"，如今正凭借其"需求实打实增长"的坚实基本面，展现出比科技股更高的性价比。 全球主要经济体都在发力"新基建"和"能源转型"，中国的"双碳"目标、欧美的"绿色新政"，都离不开大量有色金属资源的支撑。 一辆新能源汽车的用铜量是传统燃油车的2-3倍，一套光伏电站的用铝量比传统火电多50%以上，而1GWh锂电池则需要消耗约6000吨锂、2000吨钴和3万吨 镍。 国际能源署（IEA）预测，到2040年，全球新能源关键金属如锂、钴、镍等的需 ...

Group 1: Consumer Trends - The jewelry sector, particularly gold, saw a significant year-on-year increase of 37.6% in October, marking it as a standout performer in consumer spending [2] - The surge in gold purchases is attributed to a more than 50% increase in international gold prices this year, currently stabilizing above $4,100 per ounce, leading consumers to invest in gold as a safe asset [4] - Overall retail sales in October increased by 2.9% year-on-year, with rural consumption growing at a faster rate of 4.1% compared to urban areas, indicating a shift in spending patterns [9] Group 2: Industrial and Manufacturing Insights - The industrial output for October rose by 4.9% year-on-year, with notable growth in equipment manufacturing and high-tech manufacturing at 8% and 7.2% respectively, outpacing overall industrial growth [11] - The manufacturing sector is transitioning towards high-tech production, as evidenced by increased investments in smart equipment and advanced production lines [12] Group 3: Investment and Economic Challenges - Fixed asset investment decreased by 1.7% year-on-year, primarily due to a 14.7% drop in real estate development investment, highlighting ongoing challenges in the property market [14] - Excluding the real estate sector, national investment actually increased by 1.7%, with manufacturing investments continuing to grow [17] Group 4: Trade and Export Dynamics - In October, the total value of imports and exports rose by 0.1% year-on-year, with imports increasing by 1.4%, indicating a rise in domestic demand [20] - The Producer Price Index (PPI) fell by 2.1% year-on-year, but the rate of decline has slowed, suggesting a potential easing of deflationary pressures in the industrial sector [21] Group 5: Market Performance - The stock market has recently surpassed the 4,000-point mark, reflecting increased investor confidence and a shift of funds from savings to equity investments [23]

Group 1 - The report emphasizes the need for stable investment and strategic layout in emerging sectors, predicting that investment in the construction and decoration industry will stabilize in 2026 due to the orderly progress of local government debt reduction and the implementation of central "two重" projects [3][4][28] - The report highlights that the construction sector is expected to benefit from national strategies, particularly in areas such as regional coordination, new infrastructure, and green development, with the central and western regions anticipated to enter a fast development track [3][30][34] - The report notes that low-valued state-owned enterprises are likely to see valuation recovery, as the construction industry remains a pillar of the national economy, supported by ongoing investment in the central and western regions, urban renewal, and overseas market expansion [3][4][28] Group 2 - The report indicates that fixed asset investment growth has slowed down, with infrastructure, manufacturing, and real estate facing pressures, as evidenced by a 0.5% year-on-year decline in fixed asset investment from January to September 2025 [5][9][28] - It is projected that broad infrastructure investment will grow by 4.2% and narrow infrastructure investment by 3.3% in 2026, driven by debt reduction policies and the launch of major projects under the "十五五" plan [26][27][28] - The report discusses the importance of urban renewal and the construction of quality housing, emphasizing that the modernization of cities will require both the improvement of existing stock and the development of new quality housing [59][60] Group 3 - The report identifies specific companies to watch in various sectors, including Sichuan Road and Bridge, China Chemical, and Donghua Technology in the central and western region investments, and Shenghui Integration and Yaxiang Integration in new infrastructure [3][4][28] - The report highlights the rapid growth of the Artificial Intelligence Data Center (AIDC) sector, predicting a significant increase in market size and emphasizing the opportunities for construction companies in this emerging field [49][54][58] - The report outlines the strategic importance of Xinjiang's development, with plans to accelerate investment in ten major industrial clusters, leveraging its unique geographical advantages [37][39][40]

Investment Rating - The industry investment rating is "Overweight" indicating a positive outlook for the sector compared to the overall market performance [2][26]. Core Insights - The report highlights a decline in fixed asset investment growth, with a year-on-year decrease of 1.7% for January to October 2025, a drop of 1.2 percentage points from the previous period [3][11]. - Infrastructure investment showed a slight increase of 1.5% year-on-year, but excluding electricity, it fell by 0.1% [11]. - Real estate investment experienced a significant decline of 14.7% year-on-year, worsening from a 0.8 percentage point drop in the previous period [11]. - The report identifies potential investment opportunities in emerging sectors aligned with national strategic initiatives, particularly in the central and western regions of China [3][11]. Summary by Sections 1. Industry Performance - The construction and decoration sector saw a weekly increase of 0.35%, outperforming major indices such as the Shanghai Composite Index, which fell by 0.18% [4][6]. - The best-performing sub-sectors included decorative curtain walls (+5.11%), ecological landscaping (+4.85%), and steel structures (+2.72%) [6][9]. 2. Key Company Developments - 中工国际 won a contract for a 100-bed hospital project in Iraq worth 571 million yuan, representing 4.68% of its projected 2024 revenue [15]. - 陕建股份 secured contracts totaling 1.016 billion yuan for projects related to the Belt and Road Initiative, accounting for 0.67% of its 2024 revenue [15]. - Other notable contracts include those won by 华建集团 and 安徽建工, contributing significantly to their respective revenue forecasts [17]. 3. Market Trends - The report notes that the construction sector is expected to stabilize in 2026, with emerging sectors likely to benefit from major national strategies [3][11]. - The report emphasizes the importance of monitoring the order intake of key listed companies, as market demand and cost pressures could impact profitability [3][11].

Core Insights - The data center industry in China is experiencing significant growth driven by "new infrastructure" initiatives and the increasing demand for computing power, with the total number of operational racks expected to reach 10.85 million by June 2025, doubling from the end of 2021 [1][11] - The power supply system is critical for data centers, typically consisting of the grid, UPS, and diesel generators, where UPS provides short-term power backup and diesel generators ensure longer operational continuity [1][2] - The demand for diesel generators in data centers is projected to increase significantly, with an expected need for 4,555 units in 2024, representing a year-on-year growth of 66.9%, and over 5,600 units anticipated in 2025 [1][12] Industry Overview - Diesel engines are essential for data centers, providing backup power to prevent service interruptions and data loss during outages [2][4] - The construction cost of data centers is divided into IT hardware (60%), supporting infrastructure (30%), and civil engineering (10%), with diesel generators accounting for 6-7% of the total construction cost [4][5] Market Demand - The demand for high-end diesel generators is surging due to the ongoing construction of data centers, with a notable increase in the need for diesel engines [1][12] - The market for diesel engines in data centers is currently dominated by foreign companies like Cummins and MTU, which have established a duopoly, while domestic companies like Weichai Heavy Machinery play a minor role [1][12] Competitive Landscape - The foreign dominance in the diesel engine market is attributed to their technological advantages and established market presence, but domestic manufacturers are improving their capabilities and competitiveness [1][12] - Domestic companies are focusing on R&D and have made significant advancements in engine performance metrics, positioning themselves to capture a larger market share [1][12] Future Trends - The diesel engine market for data centers is expected to grow, with demand projected to exceed 7,000 units by 2027, driven by the increasing reliability requirements for power supply due to the rise of cloud computing and AI [1][12] - The industry is also moving towards higher efficiency and lower carbon emissions in line with environmental regulations, which will shape the future development of diesel engines [1][12]

Investment Rating - The industry investment rating is "Overweight" indicating a positive outlook for the sector [2][28]. Core Insights - Fixed asset investment growth has further declined, with a cumulative year-on-year decrease of 1.7% for January to October 2025, a drop of 1.2 percentage points compared to the previous period [4][5]. - Traditional infrastructure investment growth has turned negative, with infrastructure investment (excluding electricity) showing a year-on-year decrease of 0.1% [5]. - Real estate investment remains low, with a year-on-year decline of 14.7% for January to October 2025, indicating a weak recovery trajectory [11]. Summary by Sections Fixed Asset Investment - The cumulative year-on-year growth rate for fixed asset investment is -1.7%, with manufacturing investment at +2.7% [4]. - Infrastructure investment (all-inclusive) shows a year-on-year increase of 1.5%, but infrastructure investment excluding electricity is down by 0.1% [5]. Infrastructure Investment - Transportation, water conservancy, and public utility investments are under pressure, with transportation and postal services showing a slight increase of 0.1% year-on-year, while water and environmental management investments are down by 4.1% [5]. - Regional investment varies, with the eastern region down by 5.4% and the northeastern region down by 11.7% [5]. Real Estate Investment - Real estate investment has decreased by 14.7% year-on-year, with construction starts down by 19.8% and completions down by 16.9% [11]. - The report anticipates a slow recovery in real estate investment due to challenges in supply and inventory replenishment [11]. Investment Recommendations - The report suggests that in 2026, industry investment will stabilize, with emerging sectors expected to benefit from national strategic implementations [18]. - Specific companies to watch include Sichuan Road and Bridge, China Chemical, and others in the new infrastructure and overseas markets [18].

Company Overview - Xin Hong Tai Electric Technology Co., Ltd. is located in Wuxi, Jiangsu Province, established on November 3, 2008, and listed on July 1, 2016. The company specializes in the research, production, and sales of key components for circuit breakers, low-voltage circuit breakers, BMC molded insulation products, and knife melting switches [1]. Stock Performance - As of November 12, Xin Hong Tai's stock price decreased by 2.02%, trading at 26.13 CNY per share, with a total market capitalization of 3.871 billion CNY. The stock has dropped 29.05% year-to-date and 3.69% over the last five trading days [1]. - The company has seen a net outflow of 2.0828 million CNY in principal funds, with significant buying and selling activity from large orders [1]. Financial Performance - For the period from January to September 2025, Xin Hong Tai reported a revenue of 465 million CNY, a year-on-year decrease of 1.04%. The net profit attributable to shareholders was 47.8112 million CNY, down 8.37% compared to the previous year [2]. Shareholder Information - As of September 30, the number of shareholders increased to 13,200, a rise of 17.39%. The average number of circulating shares per person decreased by 14.82% to 11,211 shares [2]. Dividend Distribution - Since its A-share listing, Xin Hong Tai has distributed a total of 527 million CNY in dividends, with 171 million CNY distributed over the past three years [3]. Industry Classification - Xin Hong Tai is classified under the Shenwan industry category of electric power equipment, specifically in grid equipment and distribution equipment. The company is associated with concepts such as new infrastructure, railway infrastructure, small-cap stocks, electric power IoT, and ultra-high voltage [1].